UPDATE 4:55 P.M.: Seth Lipsky informed reporters and editors of the news at a little after 4 P.M this afternoon. At first, staffers were unaware what the meeting would be about: Would there be a lifeline? Would the paper die?

Mr. Lipsky stood up with a microphone in hand, and read a letter that will appear on the front page of tomorrow's paper, a staffer said. He said little else other than explaining that staffers will have to come in tomorrow to fill out paperwork.

After his speech, staffers applauded and scurried back to their desks to finish closing the final edition of the Sun.

UPDATE 5:35 P.M.: Lipsky: 'Held Out Hope' For Sun Until This Afternoon

UPDATE 6:40 P.M.: Michael Bloomberg Says Farewell to the 'Smart, Thoughtful, Provocative' Sun